The United Arab Emirates' energy minister does not expect another big increase in shale oil production and believes oil price rises in the future will be "on a rational basis", he told Sky News Arabia TV in an interview broadcast on Tuesday. Suhail bin Mohammed al-Mazrouei also said that market share was important for OPEC but managing the market was more important and that the decline in investments in future oil projects was worrying.
"The United Arab Emirates' oil investments did not stop with the oil price decline and we will not adjust our long-term contracts to sell crude after reducing production," he said, according to the Sky News website.